Specialty re/insurer Ascot Group has forayed into the US workers compensation market by acquiring AmFed National Insurance Company along with its subsidiaries and affiliates (AmFed).

The financial value of the deal was not disclosed.

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The acquired firm is a specialty workers compensation carrier and third-party administrator with licenses in 15 Southeastern and Midwestern states.

Ascot has also formed a new Workers Compensation Division that will accommodate AmFed’s employees, including the management team.

Ascot US Insurance operations CEO Matt Kramer said: “The acquisition of AmFed exemplifies Ascot’s commitment to enhancing our operating capabilities to better serve our growing client base.”

AmFed president and CEO Billy Roberts said: “Becoming part of Ascot Group presents an exciting opportunity for the employees of AmFed, agency and broker partners and most importantly current and future policyholders.”

Roberts, who founded AmFed in 1993, will continue as director of AmFed’s insurance subsidiaries and serve as executive vice president, Southeast.

Greg McLemore will take charge as senior vice president of the new unit and continue as the director and chief operating officer of AmFed’s insurance subsidiaries.

Additionally, the insurer has appointed David Zimmerman as executive vice president and head of the new division for Ascot US.

Zimmerman, who has over 15 years of experience, holds the responsibility of leading underwriting, strategy, product and business development, and financial performance.

Recently, Ascot launched Ascot Re for reinsurance underwriting and client-focused ceded risk solutions.

The newly launched platform will operate as a single point of entry for all of Ascot’s reinsurance products and capabilities.